Seoul - The sale of Daewoo Shipbuilding & Marine Engineering, the world's third largest shipbuilder will be delayed by about one month, South Korea's state-owned Korea Development Bank said.

Postponing the finalization of the deal gives Korea's Hanwa Group conglomerate, which is the favoured bidder for the shipyard, additional time to secure the finances for acquiring a majority stake, the bank said.

Daewoo is still owned by state institutions. Hanwa had asked Daewoo's majority stakeholders for a delay giving the worsening financial situation as a reason.

According to Korean media, Hanwa's offer, which has not been disclosed, is at 6 trillion won (4.7 billion dollars) and has to be transferred by the end of March.

Hanwa, which also focuses on chemical industry, machinery and financial services, in October became exclusive bidder for the 50.4-per-cent state of Daewoo on offer.

Daewoo had been taken over by creditor banks in 2000 after the Daewoo Group collapsed. (dpa)